10: Patch results window will open. In the results should be:
Pattern N1: Patch Done!
&
Pattern N2:
Error: Pattern not found!
or patch is already applied!?
(This is because patch was made for Poweramp 2.0.7 build 510, although it seems to work fine...)
Select "Launch"

11: Open Poweramp settings. The should be no warning about the License Verification at the top.

@Slickstretch; the Lucky patcher worked perfectly. Thanks for that. When I applied the custom patch, the first thing said successful but the second one said it failed. It said to try the app anyway, which I did and BAM! No more "failed to verify license" Thank you.

as for everyone else, i rooted my phone a few months ago, and i downloaded this torrent. after i put the player on my phone and installed it, i DID NOT OPEN IT, i installed the unlocker right away. then i opened it and everything works just fine first go.

ignore the warning that says it didnt verify, everything is unlocked and works just fine. i had this program during the trial, so i know the difference between the unlocked and locked version. this will work just fine, only DO NOT UNINSTALL the unlocker, or your fucked. and again... ignore the did not verify triangle warning on the menu. its all good. hope this helps those in doubt.

I just tried what SlickStrech posted and it worked!
When he says to "open the app" you are supposed to only run the trial app, not the unlocker (I think that's what most people are doing wrong).
Also, on Lucky Patcher there are 3 patches, I chose the first one (patch.by.sanx...).
I can't say for sure that this is a permanent solution, but it seems to be as long as you don't update!
Thanks to SlickStrech for the solution and thanks to Cool_HimS for posting the torrent.